Good Governance as an Economic Tool in Achieving Sustainable Development Goal 1 (No Poverty)

Introduction:

How do we, as a nation achieve SDG 1 ''No poverty'' which encompasses the other 16 SDGs?

The answer is not far fetched, "Good Governance"

This article explores the crucial role of good governance as an economic tool in achieving Sustainable Development Goal 1 (SDG 1), which aims to eradicate poverty, in the context of Nigeria. Good governance, characterized by transparency, accountability, equity, and effective public management, is a fundamental driver of sustainable economic development. In Nigeria, as in many other developing countries, addressing poverty requires not only economic growth but also equitable wealth distribution and poverty reduction strategies. This article delves into the various facets of good governance and discusses how it can contribute to poverty eradication in Nigeria. It emphasizes the need for well-informed policy decisions, institutional reforms, and the empowerment of marginalized communities as essential components of this approach.

What is Good Governance?

According to Wikipedia Good governance is the process of measuring how public institutions conduct public affairs and manage public resources and guarantee the realization of human rights in a manner essentially free of abuse and corruption and with due regard for the rule of law.

From several definitions gathered, I defined Good governance as an act ultimately aims to create a just, stable, and sustainable society where individuals' rights are protected, and opportunities for economic and social development are accessible to all. Good governance can also be defined as a system of responsible and accountable management of public affairs, resources, and institutions, characterized by transparency, rule of law, participation, equity, and effectiveness. It involves decision-making processes that prioritize the common good, respect for human rights, and the well-being of all citizens, while minimizing corruption and ensuring that those in authority act in the best interests of the public.

According to UNESCAP we have 8 major characteristics of Good governance. This assures that corruption is minimized, the views of minorities are taken into account and that the voices of the most vulnerable in society are heard in decision-making. It is also responsive to the present and future needs of society.

1. Participatory: Participation by both men and women is a key cornerstone of good governance. Participation could be either direct or through legitimate intermediate institutions or representatives. It is important to point out that representative democracy does not necessarily mean that the concerns of the most vulnerable in society would be taken into consideration in decision making. Participation needs to be informed and organized. This means freedom of association and expression on the one hand and an organized civil society on the other hand.
2. Consensus oriented: There are several actors and as many view points in a given society. Good governance requires mediation of the different interests in society to reach a broad consensus in society on what is in the best interest of the whole community and how this can be achieved. It also requires a broad and long-term perspective on what is needed for sustainable human development and how to achieve the goals of such development. This can only result from an understanding of the historical, cultural and social contexts of a given society or community.
3. Accountable: Accountability is a key requirement of good governance. Not only governmental institutions but also the private sector and civil society organizations must be accountable to the public and to their institutional stakeholders. Who is accountable to whom varies depending on whether decisions or actions taken are internal or external to an organization or institution. In general an organization or an institution is accountable to those who will be affected by its decisions or actions. Accountability cannot be enforced without transparency and the rule of law.
4. Transparent: Transparency means that decisions taken and their enforcement are done in a manner that follows rules and regulations. It also means that information is freely available and directly accessible to those who will be affected by such decisions and their enforcement. It also means that enough information is provided and that it is provided in easily understandable forms and media.
5. Responsive: Good governance requires that institutions and processes try to serve all stakeholders within a reasonable timeframe
6. Effective and efficient: Good governance means that processes and institutions produce results that meet the needs of society while making the best use of resources at their disposal. The concept of efficiency in the context of good governance also covers the sustainable use of natural resources and the protection of the environment.
7. Equitable and inclusive: A society’s well being depends on ensuring that all its members feel that they have a stake in it and do not feel excluded from the mainstream of society. This requires all groups, but particularly the most vulnerable, have opportunities to improve or maintain their well being
8. Follows the rule of law: Good governance requires fair legal frameworks that are enforced impartially. It also requires full protection of human rights, particularly those of minorities. Impartial enforcement of laws requires an independent judiciary and an impartial and incorruptible law enforcement institutions.

Conclusion

Good governance serves as an indispensable economic tool in the pursuit of Sustainable Development Goal 1, which seeks to eradicate poverty in Nigeria. Transparent, accountable, and equitable governance ensures that public resources are effectively channeled into poverty reduction initiatives. Rule of law, public participation, and effective public management complement this approach, fostering a sustainable path towards prosperity for all. As Nigeria endeavors to fulfill SDG 1, the importance of good governance as an economic instrument cannot be overstated.